With the mortgage rate increases, refinance activity will be significantly lower in 2014 than in 2013.

The second graph shows the MBA mortgage purchase index.

The 4-week average of the purchase index is now down about 18% from a year ago.

The purchase index is probably understating purchase activity because small lenders tend to focus on purchases, and those small lenders are underrepresented in the purchase index - but this is still very weak.

In Memoriam: Doris "Tanta" Dungey

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Blogroll: I'm receiving 100s of requests to be on the blogroll and it is completely out of control.Right now the blogroll is frozen until further notice while I rethink the usefulness for the readers. Sorry.Thanks, CR